Chapter 5- Communicating and Interpreting Accounting Information
Corporate Governance- refers to procedures designed to ensure that the company is managed in interests
of the shareholders
Players in the Accounting Communication Process
February 15, 2016
Chapter 3: 4,6,8-12
4. (a) Credits cash and therefore uses it for a service revenue. (SE)
(b) Cash or assets decrease
(c) basically switched common stock for cash
(D) Paid with liability.
April 13, 2016
14. Amortization is measured or accounted at cost of an intangible asset and depreciation is measured or
accounted at cost of an intangible asset.
16. No, because if an intangible asset has limi
February 1, 2016
8: a) Income Statement
b) Balance Sheet
c) Income Statement
d) Balance Sheet
e) Retained Earnings Statement
f) Balance Sheet
13: Retained Earnings is the net income retai
22 February 2016
Like most young boys, I always dreamed of playing basketball in front of many people. I
dreamed of bright lights, big stands, and loud fans surrounding me. I dreamt of a moment
where I was the main fo
March 7, 2016
Views of Epictetus and Augustine
Epictetus and Augustine have been known as two of the many philosophers that have
more or less shaped our society. Epictetus was born in 55 A.D, and died in 135 c. Epictetus
17 February 2016
15. Analyzing transactions, Entering transactions, and posting them.
b) You can post straight out of the journal to
22 February 2016
a) Companies recognize revenue in the accounting period.
b) Expenses should be recorded at the same time that the related revenue is recorded.
3. Revenue should be recorded at the same time
April 6, 2016
10. on demand, on a stated date, or at the end of a stated time period.
11. a: 27,000, b: 10%, c: 6 months, d: 7,200
17. Not always, recievable turnover ratio, and average collection
18. Looser c
March 23, 2016
10. Safe guarding of assets and enhance the accuracy and reliability of the accounting records.
15. Independent internal verification
20. Cash is disbursed to pay expenses and liabil
April 11, 2016
5. Depreciating is the concept of allocating costs over the life of an asset. Since they are actual costs of
an asset, they dont represent the accumulation of cash that would be needed to replac
31 January 2016
Technology has had one of the biggest if not, the biggest effects on our world today.
Every day we seem to try to improve our inventions, upgrade them, and come up with new ones.
According to Amer
March 21, 2016
13. Some effects will include devastating cash shortages.
14. No. If the company switches from LIFO to FIFO inventory costing method, net income will increase.
18. Inventories should be valued a
April 6, 2016
10. On demand, on a stated date, and at the end of a stated period of time.
11. a- , b- 10%, c-3 Months, d- 7,200$
17. If sales increase, accounts receivable should increase, Receivables turnover
Accounting Midterm 1 Study Guide
Matching principle- expenses are recorded in the same accounting period as the
related revenue regardless of when they are paid
Income statement does not = cash on hand
Retained Earnings= Net income dividends
Accounting exam 1 study guide
Return on Assets (ROA) = Net Income/Average total assets
Gross profit percentage = gross profit/net sales
Net profit margin = net income / net sales
Gross profit margin = gross profit/income
Current ratio = current as
In a world like ours, there will always be questions and controversies over Gods
existence. We will all ask the same questions every single time. We will always come up
with an excuse for somet